Jamie Golombek looks at two recent court cases involving the Canada Revenue Agency\u0027s TFSA rules. Read more.
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The taxpayer admitted to unknowingly overcontributing to his TFSA during 2016 and 2017. On Jan. 1, 2016, the taxpayer had TFSA contribution room of approximately $27,500, but contributed $46,500 that year, exceeding his contribution room by $19,000. Consequently, the CRA in July 2017 issued a Notice of Assessment in respect of his TFSA overcontribution for the 2016 taxation year and charged him a penalty tax.
A week later, the taxpayer submitted a first request for taxpayer relief for his TFSA overcontribution, claiming he was not responsible for the error because he was not informed by his bank or the CRA that he was overcontributing. He also claimed he was unaware that withdrawals he made from his TFSA were only added to his contribution room the following calendar year.Article content
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